Jon LeClaire is more than $15 million in the hole, according to the T&G.
Statement in the T&G story:
“I have grown up and spent my entire business life in this area. My companies have built many homes and employed many people over a long period. I never anticipated the economic conditions that we now face in this area,” said Mr. LeClaire in the statement e-mailed to the Telegram & Gazette. “It has become impossible to obtain credit; demand and values have plummeted. After great effort to work our way out of this situation, we finally concluded that we had no viable options. Because of the decline of the value of real estate that we were developing and the lack of credit to further develop these projects, I am faced with loan deficiencies on various projects that presented the likelihood of insurmountable personal liability for me. This led to my filing. We will continue to cooperate as best we can with the lenders involved as they seek to maximize the value of these projects and minimize their losses.”
Also of note: his home on Fitzpatrick has dropped to $2.7 million, down from the original $3.5 million.